News • 02.01.2019

Companies lose customers during online holiday promotions

Bad preference management equals frustrated customers

Christmas letter; copyright: panthermedia.net / pressmaster...
Source: panthermedia.net / pressmaster

A recent survey from PossibleNOW uncovered that as many as 36 percent of businesses are not actively collecting customer preference data. Additionally, another 31 percent aren’t sure if they’re collecting this data. Many retailers will miss out on online holiday sales opportunities if they don’t listen to their customers preference for receiving e-mail marketing and other communications.

Preference management for customers is extremely valuable since it provides a company the ability to respect customers’ needs and wants, increase marketing ROI, and comply with a growing number of regulations, such as GDPR and CCPA. Preference management platforms help customers indicate information they want to receive, how often they want to receive communications from an organization, and through which marketing channels, such as text, email and phone.

Of the 36 percent of companies that say they are not collecting preference management data, 33 percent say they do not know enough about it. Furthermore, 21 percent of these companies say at least half their customer base is frustrated as a result.

Forty-one percent of respondents said they do not share preference data across all departments and divisions, and 40 percent said they do not maintain historical preference records. This means customers of large companies aren’t having their preferences honored if they’re receiving emails from different groups within the same company. Worse, these companies aren’t tracking the evolution of their customers’ change in preferences, which is problematic if they have a regulatory inquiry.

For those companies that are actively collecting preference data, many are still in the development stages with systems that aren’t fully matured. Forty-seven percent (nearly half) said their systems are in early stages, planning phases or initial deployment.

“Considering GDPR and CCPA compliance laws and more on the horizon, it’s no longer a luxury to have a thorough, comprehensive enterprise-wide preference management platform and strategy, it should be a requirement for companies of all sizes,” said Eric Tejeda, Marketing Director at PossibleNOW. “Many companies will increase their marketing to customers to take advantage of holiday activity, and unfortunately a large percentage of these companies will upset and frustrate long-time customers and lose out on their spending power.”

Source: PossibleNOW

related articles:

popular articles:

Thumbnail-Photo: City management fights vacant storefronts and supports retailers...
21.11.2018   #consulting #brick and mortar retail

City management fights vacant storefronts and supports retailers

Insights from city manager Nicole Halves-Volmer from Delmenhorst

Modern city management always includes cooperation with the retailers of a city. The charismatic city manager Nicole Halves-Volmer works with passion for the city of Delmenhorst and talks in the interview about campaigns with and for ...

Thumbnail-Photo: Achieving goals with the right attitude
12.12.2018   #personnel management #security management

Achieving goals with the right attitude

Corporate health management is a process, not a one-time event

Employee satisfaction/engagement is critical to the success of any business, big or small. Customers notice if employees are dissatisfied with their jobs.Customer satisfaction, employee recruitment and hiring, employee retention and increasing sales ...

Thumbnail-Photo: Digital Sales Summit in Hannover
08.01.2019   #e-commerce #digitization

Digital Sales Summit in Hannover

The E-Commerce Event

The Digital Sales Summit will be held for the first time in Hanover on 21 February.An extraordinary location and a LineUp which you have never seen before in the eCommerce industry, this is the easiest way to describe the Digital Sales Summit.In his ...

Thumbnail-Photo: Retailer app identifies counterfeit products and strengthens customer...
21.01.2019   #app #labels

Retailer app identifies counterfeit products and strengthens customer relationships

Secure barcodes on paper labels offer retailers and customers many benefits

Counterfeit goods prompt harmful financial losses due to a loss of sales and profits, decreased tax revenues and by threatening jobs – and this doesn’t just impact retailers and manufacturers. According to EUIPO (The European Union ...

Thumbnail-Photo: PANORAMA Berlin January 15-17, 2019
19.12.2018   #event #fashion

PANORAMA Berlin January 15-17, 2019

The largest fashion marketplace in Europe

True to the meaning of the word panorama, PANORAMA BERLIN offers a broad overview of national and international mens and womenswear collections. Thereby, it enriches the international trade fair landscape consistently with strong and relevant new ...

Thumbnail-Photo: I see augmented reality leading the way in the store...
17.10.2018   #virtual reality #augmented reality

"I see augmented reality leading the way in the store"

Augmented and virtual reality shopping

Not only do augmented reality (AR) and virtual reality (VR) promise an exhilarating entertainment experience, they are also already practically applied in several industry sectors. What opportunities do they offer retailers and customers? What are ...

Thumbnail-Photo: A beacon for a shopping mall
28.09.2018   #digital signage #led lighting

A beacon for a shopping mall

Digital signage: outdoor LED screen in Mexico

On the premises of a shopping center in Cuernavaca, near Mexico City, a digital signage project attracts attention. The elevated tank, rising high above the ground on a structure, serves as an eyecatcher. The shopping mall Forum hopes to attract ...